Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,668/mo
+$137/mo- Down payment
- $25,713
- Funds due
- $38,911
- Interest + MI left
- $549,742
- First ends
- Jun 2055
New loan
New conventional
$3,530/mo
Lowest payment- Down payment
- $43,500
- Funds due
- $54,483
- Interest + MI left
- $572,438
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $409,287 | $391,500 |
| Second mortgage | — | — |
| First P&I | $2,677.09 | $2,652.16 |
| Second P&I | — | — |
| Mortgage insurance | $190.74 | $78.30 |
| Taxes, insurance & HOA | $800.00 | $800.00 |
| Total housing payment | $3,667.83 | $3,530.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,713
Closing costs & prepaids$13,198
Usable credit−$0
Total buyer cash needed$38,911
Earnest money paid−$0
Remaining funds due$38,911
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$522.00
Initial HOA (3 months)$1,428.00
Prepaid interest, first (9 days)$673.14
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing28 yr 6 moOf the original 30-year loan at 6.67%
Interest already paid$41,318Through Dec 2026
Assumption only · ends Jun 2055$549,742
New conventional · ends Jan 2057$572,438